The key to an 850 credit score
In achieving a credit score of 750 or higher there are several key factors that you must obtain, but none is more valuable than gaining a Golden Account. Many times people close older accounts because of their lack of use. This is a common mistake. As we will see, these older accounts should not only be used but are actually "golden".
Golden Account
One of the best strategies to use to obtain 800 credit score is hold two to four Golden accounts in your credit report. Once you acquire an account that has been open for seven years you should never close it. This can be the difference between a 700 and 800 score.
Don't Have Too Many...
When you have too many open credit cards in your report AND you already hold four Golden Accounts, you may want to close those credit cards (revolving accounts) that have been opened the shortest amount of time. In addition, you should always show at least 1 bank or national card open with your credit file.
In achieving a credit score of 750 or higher there are several key factors that you must obtain, but none is more valuable than gaining a Golden Account. Many times people close older accounts because of their lack of use. This is a common mistake. As we will see, these older accounts should not only be used but are actually "golden".
Golden Account
One of the best strategies to use to obtain 800 credit score is hold two to four Golden accounts in your credit report. Once you acquire an account that has been open for seven years you should never close it. This can be the difference between a 700 and 800 score.
Don't Have Too Many...
When you have too many open credit cards in your report AND you already hold four Golden Accounts, you may want to close those credit cards (revolving accounts) that have been opened the shortest amount of time. In addition, you should always show at least 1 bank or national card open with your credit file.
About the Author:
Home Buddies is a houston credit counseling coach for real estate investors. Home Buddies develops and implements a customized strategy to boost credit and builds a business development strategy to help investors or homeowners overcome problems to financing real estate and growing their portfolio.
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